High Noon: Support at 5772 on the way down

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Rajesh Desai

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Apr 23, 2013, 4:44:33 AM4/23/13

High Noon

[For April 23, 2013]

Sharekhan
www.sharekhan.com

Summary of Contents

PUNTER'S CALL

Support at 5772 on the way down

The Nifty opened in the positive today, up 9 points at 5843, and is now trading at 5812. In the next couple of days the index is expected to head higher till 5860 with support around 5772 and resistance at 5860.

Other technical observations
On the hourly charts, the momentum indicator has turned negative and is trading above the zero line. The Nifty is trading above the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 5772 and 5720 respectively, which are crucial levels in the immediate run. The market breadth is positive with 611 advances and 569 declines.

SMART CHART CALLS

MOMENTUM CALLS

Click here to read report: Highnoon

Regards, The Sharekhan Research Team	myac...@sharekhan.com
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